Free Enterprise System

Front

This is the social & political commitment & freedom to start their own businesses & compete.

Back

free enterprise system

Front

True or False: The government can't take your property without just compensation.

Back

True

Front

The driving force behind people going into business is

Back

profit motive

Front

This concept insures that everyone can compete in the marketplace or buy goods from a marketplace. People have the choice:

Back

Economic Freedom

Front

The concept that people have the right and privilege to control their possessions as they wish.

Back

private property

Front

The rivalry between sellers to get more customers by lowering costs & better goods/services

Back

competition

Front

This is the study of the behavior/decision making of entire economies, not individuals.

Back

macroeconomics

Front

This is the study of the behavior/decision making of individuals & businesses.

Back

microeconomics

Front

A shared good/service that government builds because it would be impractical for an individual because it is non-rival and non-excludable

Back

public good

Front

A situation where the market does not distribute resources efficiently is

Back

a market failure